In addition, Gensler has sought to extend the CFTCs authority to impose position limits on oil futures, to prevent speculation from driving up energy prices. He also wants to ensure that all derivatives dealers be subject to supervision. He wants as much of the business as possible to be conducted on regulated exchanges and processed through central clearinghouses that would impose collateral and margin requirements on dealers. As Congress has moved forward on a broad financial reform bill in recent months, Gensler has tirelessly campaigned for tough new rules for the $615 trillion derivatives market. The banker-turned-regulator has won over most of his congressional skeptics with his strong advocacy of tighter regulation. We need an independent leader who will help create a new culture in the financial marketplace and move us away from the greed, recklessness and illegal behavior which has caused so much harm to our economy, Independent Senator Bernie Sanders proclaimed in opposing the nomination.Īfter a year on the job, Gensler is still getting flak, but not from the usual suspects. The SEC is also investigating.When President Barack Obama nominated Gary Gensler last year to be chairman of the Commodity Futures Trading Commission (CFTC), skeptics questioned whether a former Goldman Sachs Group partner who served in the Clinton administrations Treasury Department when it refused to regulate over-the-counter derivatives in the late 1990s could be trusted to head a major financial regulator. Later that month, Deutsche Bank and its fund arm DWS were raided by police in Germany following allegations made by the firm’s former sustainability officer that it had overstated the degree to which its funds integrated ESG. In May, BNY Mellon was fined $1.5m for claiming that five funds run by subadvisor Newton factored in ESG criteria when selecting all securities when in fact they only did this for some stocks. Lately the SEC has been stepping up its policing of ESG funds. The $44.2m Goldman Sachs ESG Emerging Markets Equity fund launched in May 2018, and has been run by Hiren Dasani and Basak Yavuz since inception. The fund is managed by Alexis Deladerrière and Abhishek Periwal, who have been on the strategy since 20, respectively. These include excluding stocks with poor governance and those that make lots of money from gambling, alcohol, tobacco, coal and weapons. The $539.1m (€514.3m) Goldman Sachs International Equity ESG fund was first launched in 1996 and was previously called the Goldman Sachs Focused International Equity fund, before being rebranded in February 2018 to its current name.Īt the same time, the fund’s prospectus was updated to explain how it factored in ESG considerations. Goldman Sachs is cooperating with the SEC on this matter.’
‘The assets under supervision for these strategies total approximately $725m as of 30 April 2022. ‘The SEC has been conducting an investigation as to a historical time period for the Goldman Sachs ESG Emerging Markets Equity fund, Goldman Sachs International Equity ESG fund and a US Equity ESG separately managed account offering.
The Securities and Exchange Commission (SEC) is investigating two ESG funds run by Goldman Sachs Asset Management, according to reports.Īccording to The Wall Street Journal, which first reported the news citing people familiar with the matter, the investigation could end without any action.īloomberg reported, citing an anonymous source, that the regulator was examining whether the investments in the two funds breached promises about ESG made in marketing materials.įollowing these reports, Goldman published a statement, confirming the regulator was looking at two funds and one SMA:
0 kommentar(er)
